Exhibit 12
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company’s consolidated
ratios of earnings to fixed charges for the periods as shown.
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| Net Earnings, before Extraordinary Item |
$ | 74,615,024 | $ | 64,933,739 | $ | 53,472,592 | $ | 48,058,349 | $ | 28,963,548 | ||||||||||
| Fixed Charges: |
||||||||||||||||||||
| Interest on Indebtedness |
37,034,923 | 33,453,678 | 28,356,201 | 27,239,152 | 25,522,640 | |||||||||||||||
| Amortization of Discount Relating to Indebtedness |
104,463 | 122,859 | 146,195 | 127,375 | 107,201 | |||||||||||||||
| Amortization of Treasury Lock Gain |
(325,945 | ) | (456,669 | ) | (596,741 | ) | (554,527 | ) | (515,299 | ) | ||||||||||
| Amortization of Deferred Charges |
1,507,466 | 1,260,198 | 1,334,224 | 963,438 | 817,170 | |||||||||||||||
| 38,320,907 | 34,380,066 | 29,239,879 | 27,775,438 | 25,931,712 | ||||||||||||||||
| Net Earnings Before Fixed Charges |
$ | 112,935,931 | $ | 99,313,805 | $ | 82,712,471 | $ | 75,833,787 | $ | 54,895,260 | ||||||||||
| Divided by Fixed Charges |
||||||||||||||||||||
| Fixed Charges |
$ | 38,320,907 | $ | 34,380,066 | $ | 29,239,879 | $ | 27,775,438 | $ | 25,931,712 | ||||||||||
| Capitalized and Deferred Interest |
2,563,035 | 270,879 | 102,544 | (599,902 | ) | 451,624 | ||||||||||||||
| $ | 40,883,942 | $ | 34,650,945 | $ | 29,342,423 | $ | 27,175,536 | $ | 26,383,336 | |||||||||||
| Ratio of Net Earnings to Fixed Charges |
2.76 | 2.87 | 2.82 | 2.79 | 2.08 | |||||||||||||||
| Preferred Stock Dividends |
||||||||||||||||||||
| Series A Preferred Stock |
$ | 4,008,575 | $ | 4,008,378 | $ | 4,007,532 | $ | 4,009,554 | — | |||||||||||
| Series B Convertible Preferred Stock |
1,675,000 | 1,675,000 | 502,500 | — | — | |||||||||||||||
| Total Preferred Stock Dividends |
$ | 5,683,575 | $ | 5,683,378 | $ | 4,510,032 | $ | 4,009,554 | — | |||||||||||
| Combined Fixed Charges and Preferred Stock Dividends |
$ | 46,567,517 | $ | 40,334,323 | $ | 33,852,455 | $ | 31,185,090 | $ | 26,383,336 | ||||||||||
| Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends |
2.43 | 2.46 | 2.44 | 2.43 | 2.08 | |||||||||||||||